Taking a big step, the Reserve Bank of India (RBI) has dissolved the board of Reliance Capital. In a report released in this regard, it has been informed that after the dissolution of the board, the central bank has appointed an administrator in its place. It is worth noting that the RBI has taken this action on the company in view of the default in making payments.
RBI issued a statement The decision to dissolve the board has been taken in line with the default by Reliance Capital in its various payment obligations to its creditors, said a statement issued by the RBI. Explain that Reliance Capital Limited is promoted by Anil Ambani's Reliance Group. The central bank said there are serious governance concerns including defaults in making payments to its creditors, which the board has not been able to address effectively.
Nageswara Rao appointed as administrator
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The Reserve Bank of India has appointed Nageswara Rao, former executive director of Bank of Maharashtra, as the administrator of the NBFC. The central bank has said in its statement that the bank will soon start the process of resolution of the company under the Insolvency and Bankruptcy Rules, 2019.